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falling over the fiscal cliff. senate leaders need to put something together to avoid tax increases for just about everyone and big spending cuts. senator claire mccaskill says a make or brake deal comes down to a few lawmakers on topic of raising taxes for the wealthy. >> it remains to be scene whether the republicans being driven by a very extreme group of house members will allow our economy to pert because of their desire to protect multimillionaires in this country. that's what it's going to boil down to. >> any plan would need house speaker john baner to bring it to the floor for a vote. republican representative tom cole says he's confident that boehner can get the votes he needs. >> on the speaker's plan, he had over 200 republican votes, it's not as if he had an awfully strong hand to play, if it's a deal john boehner can accept, it will be passed in a bipartisan manner with a very strong majority. if on the other hand he's neutral or not favorable, his chances will be a lot slimmer. >> lisa desjardins following the fiscal cliff negotiations on capitol hill. do you have any
than five days to go before falls right off the fiscal cliff. the senate back in session today and it's the first time the senate or house has met for business between christmas and new year's in more than four decades. president obama cut his hawaii trip short arriving in washington early today. for now, the house of representatives is not in session but we've learned those lawmakers are set to return this weekend. today the senate majority leader, harry reid, says we've just about run out of time. >> if we go over the cliff, and that's where we're headed, mr. president, the house of representatives as we speak with four days left after today before the first of the year, aren't here with the speaker having told them they'll give them 48 hours notice. i can't imagine their consciences, out wherever they are around the country and we're here trying to get something done. >> we're awaiting reaction from the senate minority leader, mitch mcconnell. when that happens we'll go live to the senate floor but a spokesman for john boehner says senator reid should talk less and legislate more.
, senator john thune spoke with reporters on where things stand on the fiscal cliff. >> where do things stand as far as a republican deal? >> republicans advanced a proposal last night and you heard senator mcconnell talk about it on the floor. we're still waiting for a counteroffer. there was an indication we would receive the by 10:00 this morning, but discussions still continue. senator mcconnell and vice president joe biden are continuing to discuss this and we think there still could be a path forward. democrats have come out and made a huge deal out of changing this and republicans are very concerned that it should not be used as an offset to reduce or replace some of the spending cuts that would occur and democrats put forward an alternative. this is a process. there's a lot of give-and-take going on. republicans do not want to see new revenue, democratic tax increases, being used for new spending. that is where many members are drawing the line. >> you all want to use this technical level, but it would really affect social security recipients in the sequester. democrats want to
trying to come to some agreement to avoid the fiscal cliff. senate majority leader harry reid says there's still significant distance between the two sides, but talks are continuing. we'll have more on the fiscal cliff saga in a moment. elsewhere, private equity consortium has struck a deal to buy investment banking firm duffs & phelps for $665 million. as part of the deal, duff & phelps is permitted to seek higher bidders until january 8th. there's a potential merger between amr pilots group. this would combine the two carriers, take amr out of bankruptcy and finally prove appeared rue ross sorkin correct in saying this was going to happen all along. were you involved in the negotiations? you were almost an investment banker here, urging both sides to do this, weren't you? >> without a fee, though. >> what are you talking about without a fee, though? do i work for free? come on. >> no. i've seen you work. >> thank you. >> what did you do, tweet about some vanguard -- i watch you work. i'm learning from you. all the angles, you're amazing. did they settle that thing? ye7. i'll settled up
surrounding the fiscal cliff. senate majority leader harry reid, followed by senator john thune, then senate floor speeches from barbara boxer, joe manchin, and kay bailey hutchinson. >> the majority leader is recognized. i was glad to hear that republicans have taken their demand for social security benefit cuts off the table. it should never have >> they should never have been on the table to begin with. at 11:00 in the morning. i certainly hope >> next, republican senator john thune. >> thank you. i will first of all thank both of my colleagues for the diligent work -- they have committed themselves to this work and i appreciate it. mr. president, i rise today frustrated, embarrassed, and angry. it is absolutely inexcusable that all of us find ourselves in this place at this time, standing on the floor of the senate in front of the american >> thank you for the update. midafternoon today, senator john thune spoke with reporters on where things stand on the fiscal cliff. >> where do things stand as far as a republican deal? >> republicans advanced a proposal last night and you heard senato
already passed legislation to avoid the entire fiscal cliff. senate democrats have not. joining me now from d.c. nbc news white house correspondent peter alexander. peter, there was word the last hour that the president may have sent some sort of deal. the white house then turning around saying that's not true at all. where was the confusion? >> reporter: well, you hear the frosty statements back and forth as you just indicated there, craig. ah, the holidays in washington. a lovely time, isn't it? right now it appears clear if there's conversation going on it is not happening between the primary players but perhaps between their surrogates, senior staff and others, between those on the hill and here at the white house right now but senior white house -- senior administration official told me a short time ago that there is no proposal being sent up to the hill today. harry reid, the senate majority leader, also denied that any such thing was taking place today. both of those denials do also come against the backdrop of the fact both sides acknowledged this is not something they plan to
staring down the fiscal cliff. t-minus nine hours and counting and washington is wasting no time. senate minority leader mcconnell saying both sides are close to a deal. it's about time. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain. whatever you want to call it. that solves our deficit problems in a balanced and responsible way. with this congress, that was obviously a little bit too much to hope for at this time. it may be we can do it in stages. >> there are a number of issues on which the two sides are still apart but negotiations are continuing as i speak. but we really are running out of time. >> the vice president and i have worked together on solutions before and i believe we can again. >> no holiday for the best political team around. a triple threat, luke russert and mike viqueira on the capitol hill and kristen welker from the white house. are you happy to be working on the holiday? >> it's fantastic. >> absolutely. >> sounded believable. viq, let's start with you. we have news trickling out to
. this is the fastest and best chance to avoid the fiscal cliff. the senate bill has already been passed by the house of representatives not boating on it as speaker bay there is having a tough time running boats on any type of tax increase. >> >> welcome back. for national retailers are recalling more than 150,000 "nap nanny " baby recliners. the recall covers the recliners generation 1 and 2 and the chilled model instant recliner sold between 2009 and 2012. if the recall comes after release five infants had died and dozens more have almost fallen out of the recliners. the consumer- products safety commission and warns that the nap nanny is dangerous defects in its decision and its design, instructing and warnings. the cpsc says that for retailers are voluntarily participated in the recall. >> toyota has settled the car owners over unintended acceleration in 2009 and 2010. the automaker has agreed to pay more than a billion dollars to install new safety features and compensate owners. trotter's us to toyota because the floor mats were getting stuck, causing their bills to accelerate. under the agree
. >> reporter: the night before the fiscal cliff. >> the senate stands in recess. >> reporter: the senate gave until tomorrow. >> there still time left to reach an agreement. >> reporter: house lawmakers headed home, dropping a command to cut social security and hope the senate sends them a deal with minimal tax hikes on the rich. >> i'm still optimistic that we can get this averted before the final hour here tomorrow. >> reporter: when the clock strikes 2013, taxes go up on most americans. huge defense cuts kick in, which some republicans claim barack obama favors. >> it's obvious the president wants us to go over the fiscal cliff. >> reporter: on "meet the press," president obama blamed republicans. >> they say their biggest priority is dealing with the deficit, but the way they're behaving is their only priority is making sure taxes don't go up on the rich. >> reporter: the senate minority leader says -- >> i'm willing to get this done. but i need a dance partner. >> reporter: enter vice president joe biden, called by mcconnell. can the senate veteran help congress stumble to a deal on the
, with senator mccain. but you know we are now technically going over the fiscal cliff. because the house of representatives is going to adjourn. they're not going to consider anything that you guys in the senate might pass. at least until tomorrow. so from your perspective, what does that mean, senator graham, that the country, the united states, is now going over the fiscal cliff? >> i just think it shows the dysfunction of the political system. back to the president's performance today, that was pretty unusual. to have a -- kind of a pep rally in the middle of negotiations. what john said about defense cuts going into effect, shooting the military in the head, according to secretary panetta, is real and true. but i want to cut $1.2 trillion over the next decade. we're going to spend $46.5 trillion. it's not hard to find $1.2 trillion. i just don't want to destroy the defense department. so if you delay the cuts, you're going to lose votes in the house. you're going to lose votes in the house because people in the house want to cut the government. i want to cut the government. i just do
of the huffington post. partisan ranker and frustration all around, we've arrived at the fiscal cliff. the senate, which was expected to hold an up and down vote on a final bare bones budget deal last night wasn't quite able to make it happen. harry reid gave us problem or lack thereof. >> there are two sides still apart, and negotiations are continuing as i speak. there's still more before we can bring ledges laying to the floor. what else is new? can anyone save this congress from itself? turns out the new man responsible is vice president joe biden. yep. that's right. joe biden is the latest person to be called on to try to get congress out of the straight jacket they've put themselves in. the vp and senate minority leader mitch mcconnell exchanged phone calls until midnight last night and again this morning, and appeared to be zeroing in on a tax rate compromise in the region of a $450,000 to $550,000 threshold. a higher rate than the president's earlier compromise as well as an agreement on the estate tax. sticking points remain. president obama seemed resigned to going over the cliff. >> if
the democratic controlled senate to lead our economy to the edge of the fiscal cliff. congress people from both parties are searching for a bipartisan solution. that is the leadership that america needs, not what we saw from the president this morning ." those of the comments from speaker boehner. the house has gaveled out. we expect them back in about two hours. let's go to newbury port. caller: thank you for c-span. i do not understand where this $250,000 number comes from. i am 70 and have never been asked to make a sacrifice by any congress. it just seems to me that if the average income in most states -- to ask people making $125,000 or more, to ask them to contribute more, that seems to be a no- brainer. i do not see why people in this country are not ready to make a compromise. let's face it, we will either all have to pay slightly more taxes and accept the fact that our benefits are going to have to be lower than they really are -- i am in that bracket of $125,000 to $250,000. i am very comfortable, i could contribute more to the deficit, i just want to make sure that that money goes to
the country goes over the fiscal cliff, we'll talk to senator bernie sanders of vermont. where he thinks we're going next. >>> and coming up, david gregory's interview with president obama on "meet the press." our special coverage will continue after this. ♪ [ male announcer ] it started long ago. the joy of giving something everything you've got. it takes passion. and it's not letting up anytime soon. at unitedhealthcare insurance company, we understand that commitment. and always have. so does aarp, an organization serving the needs of americans 50 and over for generations. so it's no surprise millions have chosen an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help cover some of the expenses medicare doesn't pay. and save you up to thousands in out-of-pocket costs. to find out more, request your free decision guide. call or go online today. after all, when you're going the distance, it's nice to have the experience and commitment to go along with you. keep dreaming. keep doing. go long. >>>
it is to go over the fiscal cliff when senators barack obama, senator joe biden, senator harry reid in 2006 all turned down w's request to raise the debt ceiling . >> the fiscal cliff was born in 2011. >> he didn't like it then but he wants today. he wants carte blanche today. >> let him answer, rick. >> i listened to you. please listen to me. i know that's not easy for you. >> okay. >> but please listen to me. >> not easy because you don't say anything consistent. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him more leverage. >> yes. >> his treasury secretary said that. tim geithner said that on cnbc. >> right. >> well, look, i mean, first of all, i don't beli
on the senate floor. technically tonight the u.s. goes over the fiscal cliff. we'll talk about that and we'll have details with the panel coming up. this, of course, is new year's eve. the last day and night of 2012. hundreds of thousands of revelers around the globe expected to cram in new york city times square to see the ball drop and ring in 2013. you are looking live there at times square. ray kelly says times square will be the safest place in world tonight. celebrate all american new year's 2013 with my colleagues megyn kelly and bill hemmer. back again. you have don't want to miss it. where are you spending new year's eve? anything interesting? let me know on twitter. follow me -- @bretbaeir. interesting story. mexican drug cartels are looking north, but way north. halfway up to california to move their product. >> e, tortion to vicious crime and working with street gang. are mexican cartels strengthen their grip in california? >> yes. what concerns me is the political shift in mexico. the shift might make it stronger in california. >> change of political leadership south of the bo
in the fight over the fiscal cliff as the number two republican in the senate moments ago said there could potentially be a bill ready for the floor, but after lawmakers turned down several different plans to avoid potential tax hikes for every american what do we know about this possible bill? not much, and may be more importantly if it passes, what does it mean for your wallet on january 1st, that is if we fall off the cliff. matt mccall is president of penn financial group llc. the irs is today notifying employers on how much they will have to withhold from their employees' checks. let's go through each and every one of these tax increases if there is no deal, and we dive off the cliff. let's begin with the first one. marginal income tax rates ric rice for nearly everybody in america. >> over 90% of americans will be hit with higher taxes, and everybody talks about the wealthy getting hit the hardest. what i find fascinating is two-thirds of americans that make less than $20,000 a year will get hit with higher tax rates which will equal a gain of close to $600 more per year in taxes. if
the senate, a deal to avoid the fiscal cliff still seems to be going nowhere. without a deal, tax hikes and massive spending cuts are in effect on january 1st. so here's what senate leader harry reid had to say earlier. >> this morning we've been trying to come up with some counteroffer to my friends' proposal. we've been unable to do that. i've had a number of conversations with the president, and at this stage we're not able to make a counteroffer. >> nbc news deputy political editor dominic a montenaro join us. >> hope is not a plan, and, you know, i think both sides are still far apart. i think they, you know, say they will continue negotiating. you saw the chain cpi now game off the table but a lot of this is posturing. republicans were outraged that harry reid went to the floor today to say that chain cpi is a deal-breaker because they didn't think, you know, that that was the line in the sand for them and they were saying that harry reid is trying to, you know, just play a political -- do a political maneuver here to signal that -- that they are not going to negotiate on chain cp
surrounding the fiscal cliff. senate majority leader harry reid, speeches on the senate floor from california democrat barbara boxer, west virginia senator joe mansion, texas republican kay bailey hutchison and then caucus leaders speak to reporters. r is recognized. mr. reid: thank you very much, mr. president. i was really gratified to hear the republicans have taken their demand for social security benefit cuts off the table. the truth ishey should never have been on the table to begin with. there is still significant distance between the two sides, but negotiations continue. there is still time left to reach an agreement, and we intend to continue negotiations. i ask unanimous consent that the senate now proceed to a period of morning business for debate only with senators permitted to speak for up to ten minutes each. the presiding officer: without objection, so ordered. . reid: mr. president, we're going to come in at 11:00 a.m. tomorrow morning. we'll have further announcements perhaps at 11:00 in the morning. i certainly hope >> now california democrat barbara boxer to give a speech a
to washington to see if congress reaches a deal to avoid the fiscal cliff. senator mitch mcconnell spoke on the senate floor. >> i can report that we have reached an agreement on all of the tax -- the tax issues. we are very, very close. as the president just said, the most important piece, the piece that has to be done now, is preventing the tax hikes. >> in just the last hour, the president said a deal is, quote, within sight and that he himself is willing to make the hard choices to avoid $600 billion in automatic spending cuts and tax hikes. wolf blitzer joining me now. wolf, you've been with these kinds of negotiations before. when you look at this thing, do you think the can is just getting kicked down the road? in some ways it seems we're only getting a down payment here if that on the bigger issue of deficit reduction. >> and you're absolutely right, joe. the president himself acknowledged that he wanted a big deal, a big picture deal if you will, couldn't achieve that with the leadership in congress. so they're going to do it in stages. they're going to do it in various parts. t
senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >> at some point, negotiating process, it appears there are things that stopped us from moving forward. i hope we're not there, but we're getting real close. that is why i still hold out hope we can get something done, but i'm not overly optimistic but i'm cautiously optimistic. >> chuck schumer from new york continues to say the things, meaning a deal, always happens at the end. >> gregg: we'll probably hear about the change of cpi which is basically a new way of calculating an index the cost of living and slowing down the growth of sbph like social security. we'll probably hear about. mike, thanks very much. >> arthel: we're going to the white house where president obama is holding firm to his demand and blaming republicans for the failure to reach a deal. the president also appearing on a political talk show th
on that not necessarily the talking place. and type is almost up for lawmakers to avert this fiscal cliff. the senate trying to make that a reality and they worked, we hear, throughout the weekend in hopes of hammering out a plan b or a plan c. >> juliet: peter doocy was knocking on people's doors and answering, saying what's going on? were they working through the night? >> reporter: we were told before a lot of the senators went home that their staffs were going to stick around and work all night long, but a senate aide with knowledge of the talks told us last night about 12 hours ago there was no progress, no major progress towards a deal to avoid the fiscal cliff. we know that about eight hours from now right at three o'clock here in d.c., senator mitch mcconnell and senator harry reid, the principal negotiators from the senate are going to is sit with senators from their parties down and tell them the numbers they've agreed should be in the deal and if those meetings go well, they might be able to vote tomorrow in the senate, tomorrow afternoon. the house of representatives though would then nee
that would have addressed some of the fiscal cliff problems. they said let senate majority leader harry reid take over. there is definitely frustration in the house that it's come to this point this late in 2012 as we are heading over the fiscal cliff potentially. bottom line some some suggested there is not a tax problem in the united states, there is a major spending problem. >> history has a way of repeating itself. somehow washington never gets the message, and here we are 30 years later on the brink of another crisis on new year's eve, still addicted to spending money. >> madame speaker the american people are looking at congress with distain and rightfully so. with the deadline on the fiscal cliff only hours away we've failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> reporter: so everybody is waiting to see if the senate can reach a deal on the fiscal cliff. it's not entirely clear when the house would act. i talked to a key leadership aide who he said if the senate passes a deal we could certainly signal that we
're keeping our eye on the senate back in session with the fiscal cliff talks now down to the wire. the big question is even if the senate reaches a deal as they continue the debate will republicans pass anything with tax hikes in the house? up next republican congressman tom cole. and baby makes three. kim kardashian and kanye west's big baby announcement. also, sydney, australia celebrating the new year just three hours ago with fireworks over the famous opera house. in new york city, an already crowded times square. people waking up there. our big question what is your new year's resolution for 2013? tweet me at richard lui. we'll share some of your comments later. >>> a live look at the markets which appear to be taking going over the fiscal cliff in stride. many people say it is built into the market. many investors are still confident leaders will strike some sort of deal as talks go down to the wire and even if they don't they are counting on senate majority leader harry reid to present a backup proposal to limit some of the damage. we're watching live pictures on the right-hand side
.s. government is going over the fiscal cliff, even as senate republicans and the white house reported progress had been made, but house republicans say they will not vote on anything tonight. good evening. i'm judy woodruff. >> suarez: and i'm ray suarez. on the newshour tonight, we have the latest on today's developments, including an update from todd zwillich of public radio international who's been tracking the story on the hill. >> woodruff: then, as secretary of state hillary clinton is hospitalized with a blood clot, we examine their causes and possible treatments. >> suarez: margaret warner talks to jonathan martin and glenn thrush of politico. their new e-book focuses on the crucial final month of the presidential race between barack obama and mitt romney. test. >> barack obama didn't perform that well until late and romney didn't perform the campaign well. campaign management is more important than an individual candidate's performance. >> woodruff: from boston, hari sreenivasan reports on a city- wide effort to keep kids engaged in education through meaningful work experiences. >> we
. >>> meantime, the fiscal cliff stand-off in washington continues. at this late hour the senate and house of representatives both went into recess, still no deal. republican senate leader mitch mcconnell reached out to vice president joe biden to help reach an agreement. two men who have served as their party's closers, so to speak, on tough deals before. senate majority leader harry reid says he plans to have a plan up for a vote tomorrow morning. although there are serious differences on both sides. >> we're not going to have any social security cuts at this stage, it just doesn't seem appropriate. i still hold out hope we can get something done but i'm not overly optimistic but i am cautiously optimistic. >> republicans pushed back on claims by democrats that the social security benefit measurement, which is known as the chained cpi and basically would reduce the amount of money that senior citizens get under social security, was part of the republican plan. in any case, that is off the table. senator john mccain posted this on twitter, most of us agree the chained cpi is off the table
. host: what will the house and senate be voting on today? will there be an agreement on the fiscal cliff or an alternative plan that would continue unemployment benefits and keep taxes at the bush era level? guest: i'm not sure that anybody knows. and that includes president obama, joe biden, senator reid, speaker boehner. there are not the many hours left until the new year. the players involved are all aware of that. that has not made enough of a difference to change the negotiations. we will know more as the house and senate members return to the hill this morning. then we will know if we're going over the fiscal cliff at midnight. host: edward-isaac dovere, thank you for being with us. guest: thank you. host: the senate action getting underway about 11:00 a.m. and we will have live coverage of what happens on each floor of the chamber as lawmakers will meet with reporters. this is from joseph ramirez. "the blame game continues" is the headline from "usa today." charles is joining us from texas. caller: good morning. thank you for taking my call. i think we are in trouble either way.
. >> with less than two days to go until the fiscal cliff negotiations have hit a major setback. the senate is in session but after 516 days congress has not been able to make a deal. this morning in an exclusive interview president obama said compromise will be a key to making a deal. >> it is very important for republicans in congress to be willing to say we understand we are not going to get 100%. we are willing to compromise in a serious way. >> senate leaders hoped to send a plan right about now. the talks have broken down. listen to what senate leader said on the floor a short while ago. >> now, i'm concerned about the lack of urgency here. i think we all know we are running out of time. this is far too much at stake for political gamesmanship. the consequences of this are too high for the american people to be engaged in a political messaging campaign. i am interested in getting a result here. >> we have been trying to come up with some counteroffer to my friends' proposal. we have been unable to do that. i had have had a conversation with the president and that this stage we are not
mcconnell's office says he got a call from senator reed or democrats to talk about the fiscal cliff in about a month. they feel like they have not gone the extra pile here. >> the vice president getting a call today. what do they make of all of that? >> that could be a big deal. it shows the white house push back they are going to say look he has been pulling out all of the stops with the vice president in delaware came to the white house today working the phones we are told they had multiple conversations with senator mcconnell. a year and a half ago they talked about raising the debt ceiling it was joe biden a lot of years working with mitch mcconnell. joe biden got a nickname as the mcconnell whisperer as if he had a magic potion that is able to get through the noise. the whisperer goes back. >> any kind of whisper to get a deal. >> maybe a whisper will help bring a deal. >> i like that the flip side. >> we are only hours away from the markets opening now. what will be the final trading day of 2012. wall street is watching washington very carefully not only because of the fiscal cliff fig
to the fiscal cliff. >> major garrett, thank you. senator is live on capitol hill. >> thanks for having me. >> if there's a deal today, why would you vote to extend tax cuts if there are no new spending cuts? >> that's the exact thing. the real problem is the spending. if you want to raise taxes -- and the president promised in the campaign he wanted to do that -- it's to pay down on the deficit. there's no evidence of any of that. that's a major sticking point. the democrats are divided on tax rates, on the death tax, on taxes on small business and the republicans are holding firm that you actually have to deal with the number one problem in our nation which is the spending our debt. >> senator, the senate is reconvening this morning. how close are we actually to some kind of a deal here? >> i'm hoping that we get an arrangement and an agreement because the american people deserve certainty. what we ought to do is put a bill on the senate floor and let people offer amendments and vote on them. we shouldn't be here waiting for people to cut deals on back rooms. the ame
the uncertainty the fiscal cliff has wrought in the economy. here's an interesting comment from senator tim johnson, your colleague, a democrat. sometimes all the market takes is to make them see the light. that is via politico. if you don't get a deal and the markets are closed tomorrow, and you open to a couple of really big down days, is that all it takes to strike a deal? >> i hope not. hopefully congress has learned what failure to strike a deal can mean to the american economy. >> is that thought still fresh? >> it's fresh in our mind. i remember the deal we had to pass on t.a.r.p. to help our financial markets. i don't want to revisit that again. >> we've heard all kinds of stuff this morning. as you noi, senator, you probably hear this from your constituents, they're so disinterested in the process, they're so disinterested in the sausage being made. what they want to know if that there are like minded, good, smart people in that congress we're looking at right now who all have phones and blackberrys and actually work in the same building. is there enough good will to ensure that a
breaking news stories this hour. we now know the united states will in fact go over the fiscal cliff at midnight tonight. the senate is closing in on a deal, but the house has said it will not vote tonight. possibly take up any action tomorrow. the other breaking news story we're following, new details emerging of secretary of state hillary clinton's blood clot. doctors are now revealing it's located in a vein between her brain and her skull. they say it did not result in a stroke or any neurological damage. we're following both of these stories. i want to bring in tom foreman on the fiscal cliff. the emerging deal that's out there, no deal yet, and no deal until it's finalized, not only in the senate, as you know, tom, but the house of representatives and signed into law by the president. >> there's so many contentious details here. any one of them might trip this up, but there are two big pillars we're talking about today more than anything else. the first one seems to have been successful. it has to do with the idea of where you're going to put the threshold for maintaining the bu
for the top of the news of this special edition. no senate vote on the fiscal cliff tonight. that just from majority leader harry reid. they cannot agree. cannot agree on a counter offer at this point from the democrats. after a day of last minute negotiations to avoid tax hikes and spending cuts set to go into effect the day after tomorrow. chief congressional correspondent mike emanuel very busy tonight. it's almost coming apart. >> that's right. there's a lot of dis agreement on both sides. republicans say they would like to see any tax revenue that comes out of a fiscal cliff deal used to pay down our trillion dollars deficits. retiring republican senator from arizona, jon kyl, said the democrats want to spend $600 billion and he believes the new tax revenue will be about the same am. to he says not solving anything. for from senator to an today. >> raising taxes to pay for new spending is not something republicans believe this debate ought to be about. it ought to be about reducing the deficit and debt. they're suggesting we want new taxes, higher taxes on people in this country to pay
the looming fiscal cliff. >> with the fate of the nation in the balance the senate is going home. that's right. no vote tonight on the senate side. the chamber will reconvene tomorrow at the bright and early hour of 11:00 a.m. eastern. >> oh, my gosh. >> 11:00 a.m. i would have thought they might have gone home for a few hours, had a shower, and come back to work. with just 13 hours until the deadline they will reconvene. the house is waiting on the senate. so nothing is getting done there. if you bet this would come down to the wire, you were right. >> gosh, they have to get up before the crack of noon. i can't believe it. >> i know. >> of course, not everyone on capitol hill will have an early bedtime. republican senate leader mitch mcconnell already working with vice president joe biden on a deal, ali. talks between the two parties could continue late into the night, i guess, but with each minute that passes, our chances of avoiding this fiscal cliff, well, they become slimmer and slimmer and slimmer. >> except they better get something done. if they don't get something done, just about eve
an hour away now from the late es effort to avert the so-called fiscal cliff. the three-way stare down between the white house, the senate, the congress moves to pennsylvania avenue. president obama meeting behind closed doors with house speaker boehner, senate majority leader harry reid and senate minority leader mitch mcconnell talking about doing something to keep more than trillion dollars in tax increases and cuts from taking effect next week. also joining that party today, america's happy warrior. vice president joe biden will be there. while some appear ready to compromise others are still ducking, dodging, trying to dump the blame elsewhere. >> we all have our ideas and in the senate, you're right. we probably another 40, 50, 60 of saying that we're ready to both raise revenues and control entitlements. when's the missing ingredient? it is presidential leadership. >> i think in the end we'll get a deal. the question is the timing. >> am hopeful there will be a deal that avoids the worst parts of the fiscal cliff, namely taxes going up on middle class people. >> it's pretty appa
. >> trace: i'm trace gallagher in for shepard smith it looks like we will go over the fiscal cliff at midnight. economists have been warning us the combination of tax hikes and spending cuts could cause another recession. now, president obama and the senate republican leaders say they are close to a deal to prevent tax hikes on the middle class. the trouble is, the house has gone home and won't be voting on anything tonight. >> for now, our most immediate priority is to stop taxes going up for middle class families starting tomorrow. i think that is a modest goal that we can accomplish. >> we all want to protect taxpayers, and we can get it done now. right now. >> trace: officials tell fox news agreement would let tax cuts expire on $450,000 instead of the president's cut off $250,000. extend unemployment benefits for another year it does not include any new spending cuts. of course, that's the other big issue in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the
in the fiscal cliff talks. in the absence of a deal, senator reid is prepared to hold a bill on the president's backup plan. and as all of this goes back and forth, here is how markets are faring ahead of the open today. futures show the dow will shed about 70 points at the open, which is a bit of a rebound from the triple digit losses that we originally saw news of on friday. nasdaq and s&p are pointed lower in what will be the last and full trading day of the year. in asia, japan and south korean markets are closed. the rest of markets look a little bit like this. here is europe to begin with. only a few markets are open there today. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to c
the entire fiscal cliff and now the senate must act." so that's helpful. senator schatz, i know you probably just checked into the marriott capitol hill or something, but i don't know, you got any ideas? joining us is someone who i hope will have ideas. democratic senator debbie stabenow. senator stabenow, thank you for being with us tonight. >> absolutely, ezra. and i wanted to thank you for what is a very good summary of where we are. and it is the most frustrating thing i've ever gone through in my entire life, i think. >> i appreciate that. and covering it, what has been striking to me is the level of not just substantive disagreement on things like tax and spending but the procedural breakdown. every procedural effort that gets begun to solve this, either negotiations or the house plan b or maybe reid and mcconnell negotiations, it is dissolving very, very quickly. so what comes now? what is actually the process by which we can move forward? >> well, first of all, we have to be able to govern. we have to have an adult conversation, getting people in the room who actually want to solve t
of following a compromise. >> the senate will come to order. >> as lawmakers work on avoiding the fiscal cliff. >> talk city " major said that on sunday over so security benefits according to a democratic source. both sides agree to push for. >> i want everyone to know island to go the distance but i need a dance partner. >> vice president joe biting it is apparently that person for mitch mcconnell. if nothing is resolved by midnight tax rate from all americans will increase. democrats say it is about $2,000 for the average middle-class family. >> one mom in michigan said that is four months or the gross. that is commuting back and forth to work in gas from to three years. that is a lot of money. >> democrats want higher taxes on families earning to london $50,000 per year and over. --$250,000 per year. republicans want tax cuts to stay where they are. president obama says he is willing to do that. >> i offered over a trillion dollars in additional spending cuts. so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate stand in recess. >> the senate reconvenes
-called fiscal cliff. vice president joe biden is now involved in the negotiations but senate republicans and democratic leaders remain at odds over key issues such as higher tax rates and the inheritance tax. >>> thousands turned out all across india to remember the woman who died during a gang rape. they promised to keep fighting against rape and sex-related crimes. and they're also wanting the person accused of killing the 23-year-old to be given the death penalty. >>> here in new york a woman accused of pushing a man to his death on the subway tracks is being charged with a hate crime. she said she shoved the man because she thought he was muslim and laughed so hard during her arraignment she was ordered to stop. she's undergoing a psychiatric examination and held without bail. >>> in southern california a day on the lake turned into a frozen rescue effort. all of it was caught on tape. >> reporter: it was a rare christmas experience in the mountains above los angeles. fresh snow and ice for people who rarely see it. so despite the warning signs -- >> look
connell continue negotiations, we just have learned that president obama will speak about the fiscal cliff at 1:30 p.m. eastern time. with all that happening, let's get right to our daily fix. nbc's kelly o'donnell on capitol hill, nbc's kristen welker at the white house, and jonathan capehart, washington post editorial writer and my colleague and an msnbc contributor. okay, kelly. the action is on the hill where it's been for the last few days. let's start with you. this is a fast-moving story. give us the latest perimeters of what appears -- i emphasize appears to be the start of a deal. >> well, it has been coming closer together, so we are told. the question is what will the president be saying, and senior advisors here as well as senators i've spoken to say they do not expect that he is making any nounment of a deal, so we'll wait for the white house to determine that for sure. what we've been hearing is that they have moved off the issue of taxes and have been more focused on the nature of spending cuts. with republicans and democrats in two different places. democrats would like to delay
from the fiscal cliff. sources tell us vice president joe biden and senate minority leader mitch mcconnell talked through the night and vow to keep these negotiations going on today. the gridlock in washington could also hold up your tax refund. you might have to wait until late march to file if congress does not approve a short-term fix for the alternative minimum tax in the next few days. same issue two years ago delayed the opening of tax season by four weeks to mid-february. >>> former president george h.w. bush is still in a houston hospital but no longer in intensive care. bush was moved to regular patient room on saturday to continue his recovery. the 88-year-old was initially hospitalized with bronchitis last month, came down last week with a stubborn fever. >>> parts of the midwest are under a windchill advisory today. it's going to feel like 35 below in parts of minnesota, iowa, and north dakota. while the south will see some thunderstorms move through later as well. >>> kim kardashian expecting her first child with favorite bad boy rapper kanye west. a spokeswoman for kar
in the hospital the next 48 hours so doctors can monitor her medication. >>> the looming fiscal cliff, lawmakers on capitol hill today, leaders say no deal is in sight. >> happy new year. >> reporter: the house and senate back to work for a rare sunday session, trying to figure out the fiscal cliff negotiations. a lot of talk. very few solutions so far. >> our membership is as frustrated as the american people we're sworn to serve. >> none of the votes we'll be casting today have nothing to do with the deadlines we face in slightly more than 24 hours. we're here, we're ready. >> reporter: president obama sitting down for his first sunday morning talk show interview in over three years told nbc it's time for lawmakers to nail down a deal. >> we don't yet see an agreement, and now the pressure is on congress to produce. >> reporter: republicans and democrats going back and forth behind closed doors, working through the night, trying to avoid some of the most painful tax hikes and spending cuts in our nation's history. >> there's still significant distance between the two sides. but negotiations co
are trying to negotiate a scaled-down debt deal to avoid some of the fiscal cliff and take other major decisions on taxes and spending to the future. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part of the discussion. that is significant development for house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiated. from here senate leaders will try to secure an agreement by sunday morning. if so, democrats and
last night. i think now there is a better than 50/50 chance that we will avoid the fiscal cliff by midnight tonight. >> reporter: if the senate comes one a plan and passes it, the -- comes up with a plan and passes, it the house would have to vote on it. kyla campbell, ktvu channel 2 news. >>> 7:16. even if congress avoids the flip, your paycheck will still be smaller in 2013. that's because a temperature reduction in the social security payroll tax expires today. starting in january, workers will, once again, have 6.2% of their wages withheld to pay for social security. that's up from the 4.2% rate that's been in effect for the past two years. people making $50,000 will get about $83 a month less in their paychecks. >>> 7:16. a new report from the u.s. senate on the attack on the u.s. consue rit in -- on the u.s. consulate in libya is blaming the u.s. for not having a state department to respond. the senate report says in the future, the state department should determine if it can provide tough security for diplomats and -- provide enough security for diplomats and where it ca
with two days left before the fiscal cliff or shouldn't he sit down and hammer out a deal with the senate republicans and house republicans. do you think a deal gets done? >> i do think a deal will get done. i think it might january 1st. i think we will briefly go over the fiscal cliff. the president worked on the issue months and months. the entire "crisis" is an issue of congress' own making . he was taping the meet the press on saturday. house republicans were cozy and doing nothing on the fiscal cliff. john bone bone took himself out of the negotiations and abdicated responsibility and said he would dole with whatever the senate and president had come to. i happening there is a lot of good proprosals on the table and something will get done, too. >> dave: it appears that senate republicans came a long way in sharing their desire for no taxes raised on the wealthy. $550,000 thres hold for couples is a significant compromise. but can they get anything through the house in terms of getting republican votes today? >> i don't think that will get through the house . the house was elected to
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